All Entries in the "Finance" Category
Magma Energy posts third quarter profit
In Canada, Magma Energy Corp. reported net income of $142,000 for the third quarter ended March 31, 2010, including the its share of HS Orka’s net income of $3.60 million. The Soda Lake operation earned revenues of $1.29 million, gross profit of $417,000 and net income of $72,000 after deducting non-cash and other related expenses. [...]
Ram reports $4 million first quarter loss
In Nevada, Ram Power, Corp. said its first quarter, ended March 31, 2010, resulted in a loss of $4,038,323 due to a decrease in revenue of $391,119 and an increase in expenses of $3,523,861. The revenue decrease came from their 10 MW Nicaragua project being off-line for two weeks due to continuing construction of the [...]
First quarter dip for Ormat leads to analyst downgrade
In Nevada, decreases in both product segment sales as well as gross margins across the board resulted in a big first quarter net income drop for Ormat Technologies. For the three months ended March 31, 2010, net income was $1.8 million compared to $14.5 million a year ago. Total revenues were $82.7 million, compared to [...]
U.S. Energy gets cash from Standard Steam Trust
In Wyoming, U.S. Energy Corp. said it has received a cash distribution of $1.1 million from Standard Steam Trust (SST). SST’s management committee approved a $5 million aggregate distribution on April 1 and USE received a 22.8 % share, or $1.1 million. The distribution resulted from a sale by SST of one of their eight [...]
Signing adds Germany to list of geothermal financiers
In Indonesia, that country signed $9.37 million soft loan package from Germany to fund geothermal projects in the country. The story said that some of the loan had been disbursed since 2007. Tthe Foreign Department’s Retno Masudi said after the signings with German Ambassador Norbert Bass that Germany has the technology for the projects while [...]
Ormat gets analyst pat on the back
In Nevada, Ormat held an analysts day that had at least one group returning to the fold. Analysts at Jefferies & Co. reported renewed confidence in the geothermal developer, establishing a price target of $33 and a hold rating, which means the firm expects Ormat’s shares to provide a total return of +15% to -10% [...]
Mighty River pays first 6-month dividend
In New Zealand, State-owned Mighty River Power has paid its first interim dividend to the government. The payment of $40.3 million was for the six months to the end of December, 2009. Mighty River operates geothermal plants around Taupo and Bay of Plenty and the nine-station Waikato hydro system. It reported a first half net [...]
Company reveals stake in U.S. Geothermal
In Massachusettes, according to an SEC filing, Winslow Management Company, LLC, a subsidiary of Brown Advisory Holdings Inc., holds a 5.6% stake in Idaho’s U.S. Geothermal, Inc. Winslow holds 3,930,439 shares, which were valued at $3.85 million, and has sole voting power over those shares. Brown Advisory submitted the filing on behalf of Winslow Management, [...]
EDC steams to higher 2009 profits
In the Philippines, geothermal developer Energy Development Corp. reported earnings rose 25.5% to to $163 million in 2009 from $129 million the previous year. The company cited higher revenues, currency movements, and accounting adjustments brought about by a new Renewable Energy law. Revenues rose by $60 million on increases in electricity sales and drilling services [...]
Raser gains revenue, narrows loss
In Utah, Raser Technologies Inc. reported results from the fourth quarter and full 2009 year. The company posted narrower losses, as it now sells electricity from its Thermo 1 plant, which came online in the second quarter. The fourth-quarter loss was $5.8 million compared to $23.8 million a year ago with revenues rising to $942,000 [...]
